Bboxx, a designer, manufacturer, distributor, and financer of plug & play solar systems, along with its partner EDF, a low-carbon energy company, in Togo, secured €11 million (~$11.48 million) loan from the Off-Grid Energy Access Fund (OGEF) managed by Lion’s Head Global Partners Asset Management. The loan would support Bboxx’s expansion in Togo to continue distributing solar home systems to last-mile customers.
Cactos, a Finland-based producer of smart energy storage systems, raised €2.5 million (~$2.6 million) in equity and debt funding. The round was led by Superhero Capital, with participation from Cactos’s founders. The company intends to use the funds to increase energy storage unit production, expand production facilities, and participate in international projects.
UK energy supplier Octopus Energy Group announced its generation arm had acquired solar developer Zestec Renewable Energy, which is developing a pipeline of more than 160 MW of solar projects on corporate rooftops in the UK. The fund managed by Octopus Energy Generation would help Zestec build more than 100 projects, between 100 kW and 7 MW, by 2027. This would help expand Octopus’ managed solar assets by up to 11%.
Wind turbine maker Suzlon has approved the sale of its remaining stake of 51.05% in the subsidiary Vayudoot Solarfarms to Ahmedabad-based Aries Renewables, the company said in a National Stock Exchange filing. Suzlon sold the balance stake for a consideration of ₹142.3 million (~$1.7 million). Vayudoot’s turnover for the financial year ending on March 31, 2022, stood at ₹145 million (~$1.75 million), and its net worth was ₹242 million (~$2.9 million).
Shell Petroleum, a wholly owned subsidiary of Shell plc, said it would acquire Denmark-based biogas producer Nature Energy for nearly $2 billion as it seeks to boost its low-carbon business amid increasing interest in biogas. The transaction is expected to close in the first quarter of 2023.
Mumbai-based multinational conglomerate Larsen & Toubro (L&T) said it had closed a three-year $107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation. The company said the loan underscores its continued commitment to environmental, social, and governance goals. The facility offers lower interest rates linked to achieving two of L&T’s predetermined sustainability targets – the reduction of greenhouse gas emission intensity and water consumption intensity against the target levels.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s funding roundup.